Fort Collins, Colorado, March 14, 2024 (GLOBE NEWSWIRE) -- The Customer Relationship Management Market was valued at USD 73.1 Billion in 2023 and is anticipated to grow CAGR at 9.5% to reach USD 164.8 Billion by 2032.
Understanding customer behavior is critical to every organization, irrespective of its size. The masses have been observed spending huge amounts of time on various social networking platforms, such as X, Facebook, Pinterest, and LinkedIn. These platforms allow organizations to gauge customer behavior and create visibility and presence for small businesses. These platforms boost customer relationship market growth in the long term.
Customer relationship management tools and techniques can help companies increase brand awareness and build customer engagement. Several organizations are increasingly focusing on customer engagement, which has become an important part of the customer relationship management market. This, in turn, has driven them to develop solutions for social listening, social management, social measurement, and social monitoring.
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Segmentation Overview:
The global customer relationship management market has been segmented into component, deployment, solution, end-use, and region. Based on deployment, the market segmentation includes on-premise and cloud services. Cloud services hold a substantial share of the deployment segment of the customer relationship management market. They are preferred because they do not require much physical infrastructure to be set up, which makes it easier for even small and medium organizations to adopt these tools.
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Customer Relationship Management Market Report Highlights:
- The global customer relationship management market growth is anticipated at a CAGR of 9.5% by 2032.
- The emergence of AI-based features and the use of LLM are expected to drive the customer relationship management market growth.
- North America holds a major share of the customer relationship management market, with the United States having a significant share in this region.
- Some prominent players in the customer relationship management market report include Oracle SE, Salesforce, SAP SE, Amdocs, IBM Corporation, Microsoft Corporation, Zoho Corporation, SugarCRM, Insightly Inc., Copper CRM Inc.,
Industry Trends and Insights:
- Creatio, leading workplace automation software provider recently introduced LLM features for its enterprise users. This feature rolled out in December 2023. However, it was publicly offered in 2024. With the advanced features, users can now access a CRM suite that caters to sales and marketing.
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Customer Relationship Management Market Segmentation:
By Component: Product, Services
By Deployment: Cloud, on-premise
By Solution: Customer Experience Management, CRM Analytics, Customer Service, Marketing and Sales Automation, Social Media Automation, and Others
By End-Use: BFSI, Retail, Healthcare, IT & Telecom, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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